4 unchanged sentences
dollar affect our financial results and financial position.
−Removed: At December 31, 2021, currency changes resulted in assets and liabilities denominated in local currencies being translated into more dollars than at year-end 2020.
+Added: At March 31, 2023, currency changes resulted in assets and liabilities denominated in local currencies being translated into fewer dollars than the prior year.
+Added: At December 31, 2021, currency changes resulted in assets and
+Added: liabilities denominated in local currencies being translated into more dollars than the prior year.
During periods of sustained movements in currency, the marketplace and competition adjust to the changing rates.
−Removed: Large changes in currency exchange rates relative to our functional currencies could increase the costs of our services to customers relative to local competitors, thereby causing us to lose
−Removed: existing or potential customers.
+Added: Large changes in currency exchange rates relative to our functional currencies could increase the costs of our services to customers relative to local competitors, thereby causing us to lose existing or potential customers.
Currency movements impacted our year-to-year revenue growth.
−Removed: Based on the currency rate movements in 2021, total revenue decreased 4 percent as reported and 5 percent in constant currency versus 2020.
+Added: Based on the currency rate movements in the year ended March 31, 2023, total revenue decreased 7 percent as reported and was unchanged in constant currency versus the twelve months ended March 31, 2022.
subsidiaries and branches that operate in U.S.
10 unchanged sentences
The market values for interest and currency exchange risk are computed based on the present value of future cash flows as affected by the changes in rates that are attributable to the market risk being measured.
−Removed: The discount rates used for the present value computations were selected based on market interest and foreign currency exchange rates in effect at December 31, 2021 and 2020.
+Added: The discount rates used for the present value computations were selected based on market interest and foreign currency exchange rates in effect at March 31, 2023 and 2022.
The differences in this comparison are the hypothetical losses associated with each type of risk.
1 unchanged sentence
In addition, the results of the model are constrained by the fact that certain items are specifically excluded from the analysis, while the financial instruments relating to the financing or hedging of those items are included by definition.
−Removed: The results of the sensitivity analysis at December 31, 2021 and 2020 are as follows:
+Added: The results of the sensitivity analysis at March 31, 2023 and 2022 are as follows:
Interest Rate Risk
−Removed: A hypothetical 10 percent adverse change in the levels of interest rates, with all other variables held constant, would result in a $21 million and a $2 million impact in the fair value of our financial instruments at December 31, 2021 and 2020, respectively.
+Added: Our exposure to market risk for changes in interest rates relates primarily to our fixed and variable-rate debts (See Note 11 – Borrowings in the accompanying Consolidated Financial Statements ).
+Added: A hypothetical 10 percent adverse change in the levels of interest rates, with all other variables held constant, would result in a $12 million and a $17 million impact in the fair value of our financial instruments at March 31, 2023 and 2022, respectively.
+Added: A hypothetical 10 percent adverse change in the levels of interest rates would not be material to our consolidated results of operations or cash flow.
Currency Exchange Rate Risk
A hypothetical 10 percent adverse change in the levels of currency exchange rates relative to the U.S.
−Removed: dollar, with all other variables held constant, would result in a $188 million and a $19 million impact in the fair value of our financial instruments at December 31, 2021 and 2020, respectively.
+Added: dollar, with all other variables held constant, would result in a $220 million and a $180 million impact in the fair value of our financial instruments at March 31, 2023 and 2022, respectively.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.